Bitcoin broke above $72,000 on Thursday for the first time since its February 5 crash. It was trading at $72,180 during Asian afternoon hours, up 5.9% over 24 hours.
The move came as global risk sentiment shifted. Asian equities rallied sharply, with South Korea’s benchmark jumping 11% after its biggest single-session drop on record.
The broader crypto market followed. Ethereum climbed 7.5% to $2,114, reclaiming the $2,000 level for the first time since late February.
Dogecoin rose 7.5% to $0.095. Solana gained 5.3% to $89.91. XRP added 4.2% to $1.41, and BNB was up 3% to $650. WhiteBIT Coin jumped 5.6%. Tron was the only laggard, up just 1.4%.
ETF inflows added fuel to the move. Around $700 million has flowed into U.S. spot Bitcoin ETFs since the start of March.
The Iran-Israel conflict, now in its sixth day, has been the main driver of market volatility all week. But investors have started moving past the initial shock.
The Strait of Hormuz situation appears to be stabilizing. Trump said the U.S. would offer risk insurance and naval escorts for ships passing through the waterway.
BREAKING: Brent oil prices surge above $82.50/barrel with gas prices now up nearly +20% since January.
Keep watching oil prices as a leading indicator for a potential "deal" or market intervention.
The world simply cannot afford oil prices rising toward $100/barrel. pic.twitter.com/MEOXt0z4Iu
— The Kobeissi Letter (@KobeissiLetter) March 5, 2026
Oil prices steadied after sharp early-week gains. West Texas Intermediate futures traded around $76 a barrel, and Brent crude was above $82.
The New York Times reported that Iran’s leaders have reached out to Trump to discuss a ceasefire. Defense Secretary Pete Hegseth said military operations could last between three and eight weeks.
U.S. and Israeli forces continued striking Iran, including sinking an Iranian warship in international waters. The conflict remains unresolved, but markets are pricing in a lower chance of a wider regional escalation.
Wall Street had rallied in the regular Wednesday session. The Dow snapped a three-day losing streak, and both the S&P 500 and Nasdaq Composite closed with gains.
Thursday morning told a different story. Dow futures fell 0.3%, Nasdaq 100 futures dropped around 0.2%, and S&P 500 futures slid 0.1%.
Economic data released earlier in the week had helped ease inflation concerns, supporting the Wednesday rebound. Investors are now watching Friday’s monthly jobs report for further direction on the health of the labor market.
Earnings continue on Thursday after the close, with Costco and Marvell Technology both reporting results.
Iran’s reduced oil production, as the fourth-largest OPEC producer, remains a concern. Surging oil prices could pressure the Federal Reserve to reassess interest rates.
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